If you run a business that involves more than one country, taxation issues can be extremely complex, and in order to ensure that you comply with relevant authorities, it is wise to enlist the services of an international tax consultancy. It is extremely difficult to penetrate a new and unfamiliar market, and with the added burden of understanding foreign taxation, it can be challenging at best and an absolute nightmare at worst.
If you consult with a local taxation expert, this will prove invaluable in many respects, and with that in mind, here are just a few of the areas in which an international tax consultant can help your business.
- Corporate Structuring – International business requires the right structuring, and to do that, you need inside knowledge of all the countries involved. The experts would know all about cross-border transitions for business, and with affordable tax consultants in Dubai, Middle East companies can take advantage of their expertise in many areas that concern taxation. If, for example, a company was not structured correctly, it might have to pay far more tax than it should, which is why it is important to receive the right advice when setting up an international business. By setting up the company in the right way, you will avoid problems in the future, and with the help of an organisation that fully understands how companies should be structured when dealing with several countries, you can ensure a strong corporate structure that puts you in a good position regarding taxation.
- General Taxation Planning – When entering new markets in a foreign country, it is important to plan your tax strategies. Taxation is complicated enough when dealing with a single nation, yet when several countries are involved, it can be a real challenge to plan ahead for taxation. With a goal of minimising taxes, the specialist company can help your business by setting up a tax plan that ensures you pay the minimum amount of taxes, and with their local knowledge, you can take advantage of tax concessions that you would otherwise be unaware of.
- Planning for the Future – When setting up an international business, there is indeed much to consider, and part of tax planning involves future expansions and making the right investments, which will ensure that you are in a position to develop the business, as and when necessary. Your tax consultant will always be on hand to advise, especially in the early days when setting up the company requires local expertise.
- Double Taxation Treaties – No one wants to be taxed twice on the same revenue, and with an experienced international taxation consultancy in your corner, you will be able to take advantage of double taxation treaties that countries set up, which helps to avoid double taxation. This is a very complex field and without expert advice, you will likely pay more tax that is necessary, which is never an ideal situation. There are bilateral and multilateral taxation treaties and depending on the nations your company is based, it is likely there are treaties in place to prevent double taxation. These treaties define who is eligible and what taxes the treaty covers, and without expert help, it is very difficult to navigate these complicated arrangements.
- Obtaining Essential Certificates – There are certificates that one can apply for, which include value added tax certificates and also tax residency certificates. An established international tax consultancy can offer valuable services in relation to obtaining such certificates, which helps you to make good use of all available concessions. If you would like to explore the benefits that an international tax consultancy can offer, all it takes to make contact is an online search.
- Understanding Foreign Taxation – If, for example, a UK company wishes to move into the United Arab Emirates, they would not know about the complex tax structure of the foreign country, yet by forging an alliance with an international tax consultancy, they can comply with the many rules and regulations. There are new VAT laws in UAE that came into effect in January 2018, and by hiring a local taxation consultant, your business is sure to comply with these new laws.
- Complying with Foreign Taxation Laws – Any company that is moving into an international marketplace would not be expected to be knowledgeable about a foreign country’s taxation laws, and unless you get help from a company that knows the tax laws inside out, you could end up paying much more tax than you should. When trying to penetrate a new market, the last thing you want is to have taxation issues, and with an international tax consultant in your team, you can be sure that you will not pay any more tax that is necessary.
- Expanding with Confidence – If your business has been very successful in the domestic market and you are planning to expand into other countries, great care needs to be exercised. The laws are obviously very different to your home country, and if there is a foreign language involved, that makes it even harder. Starting out on the right foot is absolutely critical, and this can best be achieved by hiring a local taxation specialist, who will always have your best interests at heart.
Fortunately, there are online consultants who can easily be found with a Google search, and once you have made contact, they can advise you on every aspect of taxation and company formation, which can be very demanding in a foreign country.
Understanding and complying with foreign taxation laws is quite a challenge, and the best way to achieve this is to enlist the services of a reputable international tax consultant, who will ensure that your business complies with the many laws and regulations. Their expertise will help your business to forge a share of foreign markets, and with plans for the future, your company will take the first steps towards a successful long-term concern that will grow steadily.
Talk to an International tax consultant today and you’ll be very glad you did.